Trust Agreements

More than 40 Years of Estate Planning, Trust Preparation, and Trust Administration in Yamhill County, Washington County, Clackamas County, Marion County, and Polk County, State of Oregon.

Larry K. Gray & Associates, P.C. will strive to achieve the best outcome for every client through reasoned, logical, informed, effective advocacy.

At Larry K. Gray & Associates, P.C., the emphasis and focus are to provide sound advice, top quality document preparation, and/or reasoned advocacy for our client. We strive to provide professional, timely, and cost-effective results to meet the client’s legal concerns. Our proficiency, effectiveness, and integrity have earned us a reputation as one of Yamhill County’s premier lawyers.

Larry K. Gray & Associates, PC

"An Estate Planning Lawyer"
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(503) 538-1350

404 East First Street
Newberg, Oregon 97132

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At times, you may find yourself in situations or with problems that you cannot resolve on your own. Our legal counseling is designed to assist you and your family with courtesy and respect in such difficult periods. Knowledgeable advice acquired from decades of legal experience can help you formulate a course of action to free yourself from a complex legal maze. We do not represent banks, insurance companies, governmental agencies, or large corporations; our clients are individuals and families seeking help with legal problems they encounter in this increasingly complex world.

A Trust Agreement can be made for numerous purposes, but the specific purpose discussed herein is the formation of a Trust as part of an Estate Plan. The most common Estate Planning Trusts are Revocable Living Trust, Irrevocable Trust, Testamentary Trust, and Special Needs Trusts. A Trust is formed and managed according to the terms of a written Trust Agreement. The Trust Agreement needs to be in writing and clearly identify the parties to the Trust, the rights and obligations of the parties, and the conditions for when assets within the Trust are to be distributed to a beneficiary.

The three primary parties in a Trust Agreement are the Trustor, Trustee, and Beneficiary. The Trustor is the person setting up the Trust. The Trustee is the person who will hold title to the assets and manage the assets within the Trust for the benefit of Beneficiary. The Beneficiary is the designated person who is to receive the benefits from the assets within the Trust.

A Revocable Living Trust is a Trust created during the Trustor’s lifetime and can be changed or terminated by the Trustor during the Trustor’s lifetime, according to the term of the Trust Agreement. An Irrevocable Trust is a Trust which cannot be changed or terminated by the Trustor. A Testamentary Trust is a Trust created after the death of the Trustor according to the Trust terms set forth in the Trustor’s Last Will and Testament. A Special Needs Trust is a Trust set up for the specific purpose of providing limited benefits to a Beneficiary receiving government benefits that have recipient resource limitations.

Management and utilization of the assets within the Trust are controlled by the terms of the Trust Agreement and the laws of the applicable State. The Trust Agreement applies only to those assets specifically identified and/or titled in the name of the Trust. Any and all assets which are titled, registered, in an account with a financial institution, or held by a third party must be properly identified in the Trust name to be treated as a Trust asset.

Some of the reasons for establishing a Trust as part of an Estate Plan are:

1. To avoid Probate upon the death of the Trustor;

2. To avoid or reduce Federal Estate Taxes and/or State Estate or Inheritance Taxes;

3. To set up a method for management of your assets in the future when you are unable to self-manage the assets; and/or

4. To set up a method for management of assets to benefit a beneficiary who cannot or should not own or manage assets, for reasons such as age, legal incapacity, physical disabilities, mental disabilities, addiction, or financial difficulties.

A knowledgeable, experience Trust Attorney can discuss and explain the various Trust options available to suit your Estate Planning needs.

If you or a family member lack physical mobility, an appointment with our lawyer at your home, assisted living or care facility can probably be arranged for an elder law and/or estate planning consultation. The geographical locations for the out-of-office appointment can be within most of Yamhill County, most of Washington County, the western portion of Clackamas County, and the western portion of Marion County. If you call, we will be glad to discuss the options for an initial consultation appointment at your location.

For a knowledgeable, experienced, and cost-effective Estate Planning, Will Preparation, Trust Preparation, and Trust Administration Attorney, contact Larry K Gray & Associates, PC

Larry K. Gray has been helping clients for more than 40 years.

Larry K. Gray & Associates, P.C.
404 East First Street
Newberg, Oregon

Fax: (503) 538-6957
Phone: (503) 538-1350

Larry K Gray & Associates, PC

The information on this website is not intended to be legal advice regarding your particular legal problem, and the presentation of this information does not create an attorney-client relationship. An attorney-client relationship will only exist after a mutual agreement to establish an attorney-client relationship.